Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In speaking to the first group of amendments I wish to set out my party's approach on Report Stage. We had a constructive session last week, a five-hour meeting of the Select Sub-Committee on Finance, to deal with this Bill. During the course of those discussions the Minister engaged in a positive way and all Members have acknowledged that. As a result all Opposition amendments tabled at that stage were removed. The Minister explained to the committee that it would not be possible to bring forward his amendments on Report Stage because of the issue of getting approval from Cabinet but that he would bring them forward on Committee Stage in the Seanad. The approach I will take on Report Sages is to listen to what the Minister has to say with regard to the progress that has been made since then. The Fianna Fáil Members in the Seanad will be fully briefed and will be engaging on Committee Stage. Any amendments made there will have to come back to the Dáil.

I fully acknowledge the right of every Member to table amendments. Some have moved the amendments on from where we were last week. Some of the amendments are simply repeats. Anyway, I took in good faith what the Minister said on Committee Stage and I look forward to hearing what he has to say.

The broad thrust of the discussion last week on the first group of amendments was that a form of wording would be agreed which would make it clear that any of the old Central Bank legislation, which was never intended to relate to credit unions, would not apply to them now because of some unintended consequence. We agreed that there would be a form of working in this regard. I await the Minister's amendments but, naturally, I will engage in the debate on Report Stage.

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